Mr Zhang said China's new leadership, which took office in March, appeared to have tolerated rising property prices because of concerns about the strength of the economy.

About 25% of overall investment in China goes towards property, making it one of the country's most important growth sectors.

"Now that economic growth has rebounded and looks set to achieve the 7.5% target for 2013, we believe the government's priority may shift toward containing financial risks and property prices," Mr Zhang said.